When Web3 gaming is mentioned, some people may think it’s the next game in the Spiderman franchise, but far from it! This fascinating niche has nothing to do with everyone’s favorite webhead.

As of last year, Web3 gaming accounted for at least 49% of all blockchain activity.

With figures like that, you just have to grab a chair and learn what this Web3 gaming thing is all about.

This article will teach you everything you need to know about what might very well be the future of gaming. So, shall we? 

What Is Web3 Gaming?

You might think, “Games are games, so why distinguish them with fancy numbers?” To understand what’s different about Web3 games and why the difference is necessary, we have to consider their predecessor, Web2 games. 

Web2 games are fun and exciting, but there’s just one thing about them: ownership. Web2 games are made in the traditional style and under the traditional model where users play games created, developed, and controlled by a central party who owns the game called “game providers” (e.g., EA, Sony, Microsoft).

Players do what they do best; they play but do not own anything besides the copy of the game they buy.

This means all the skins, characters, and collectibles in the game belong solely to the game providers. 

Web3 games, on the other hand, handle things a little differently. They are based on blockchain tech, which means that they are decentralized right off the bat. In Web3 games, players get to own more than a copy of their games.

They now have control over their in-game assets and are even able to sell, buy, and trade them as they wish. 

Types Of Web3 Games

Play-to-Earn games (P2E games)

Popularly called P2E games by Web3 heads and cool kids, this type of Web3 game does just what its name says. It allows players to play games to earn money, basically working from home only the work is playing games.

Play-to-earn games reward players with cryptocurrencies or non-fungible tokens and web3 gaming tokens as they play on and reach milestones in the game. Players can then decide what to do with their rewards: keep, sell, or trade.

The most popular of these models is AxieInfinity, but more examples exist.

Move-to-Earn (M2E games)

You already guessed it; this one is also right on the nose. Move-to-earn games allow players to earn by moving. They require players to engage in physical activity such as walking, jogging, running, or other exercises in order to earn rewards.

One popular M2E game is STEPN, which has seen a massive amount of players sweat out some cash from all over the world.

These kinds of games are especially popular among Web3 gamers in Kenya and other parts of Africa. Why pay for a gym subscription when you can get paid to exercise?

NFT-Based collectible games

These games are based on trading, collecting, and using digital assets and NFTs. It’s as simple as that. Then, players can sell their collectibles for profit when they decide to.

GodsUnchained is probably the most popular of these games, but there are so many more examples. It’s time to put that trade and commerce degree to use. What do you say?

Metaverse and virtual world games

Virtual World Web3 games feature Web3 games with a bit of real estate investing. These games involve creating expansive virtual worlds where players interact, build, and even trade assets.

Good examples are Decentraland and TheSandbox, both of which are highly rated on prestigious rating sites. 

Features of Web3 Gaming

Web3 gaming is not ordinary gaming and tells from iGaming available on most popular crypto casinos. Some key features set it apart from other types of games. So, let’s explore some of them.

• Decentralization and ownership. At this point, blockchain is perhaps synonymous with decentralization, and since Web3 games are built based on blockchain, they also enjoy decentralization. This feature gives players access to control ownership, which is very cool, isn’t it?

• Play-to-Earn models. Unless it’s a gaming tournament or competition, there are probably not many other games that will pay you to play them except Web3 games. This reward system has made them extremely popular all over the world. Money truly makes the world go round.

• Interoperability. Web3 games are built to be interoperable, which means that players can use assets from one Web3 game in another entirely different Web3 game. Just imagine the limitless possibilities that offer.

The Technology Behind Web3 Games

1. 1. Smart contracts. There’s hardly anything blockchain-related that does not include smart contracts. Smart contracts help in storing and verifying assets to guarantee true ownership in Web3 games. They also help transfer game assets when certain conditions are fulfilled. 

• Digital wallets. Digital wallets help players store their assets, such as cryptocurrencies and NFTs.

• XR technology. Many Web3 games are now implementing XR (Extended Reality) to make Web3 gaming even better and more enjoyable with incredibly immersive experiences in the metaverse.
• Gaming DAOs. Decentralized Autonomous Organizations help many Web3 games get players involved in the governance of the games through mechanisms such as taking votes on game updates, new policies for the games, and other central decisions. 

Advantages Of Web3 Gaming

• True ownership. With Web3 games, players get to enjoy not only the gaming experience but also the ownership of their gaming assets.

• Earning potential. Players get a rewarding time with Web3 games and can earn potentially unlimited amounts.  

Challenges of Web3 Gaming

• Complexity. Because it’s so ingrained in blockchain technology, Web3 gaming can be difficult to understand for newcomers to the crypto world.

• Environmental impact. Blockchain games and blockchain technology are energy-intensive and have heavy impacts on the environment.

The Future Of Play

There is no doubt that Web3 games have come to stay. According to Future Market Insights, the market will likely exceed USD 133,228.2 Million by 2033 at a CAGR of 18.7% in the forecast period.

With projection figures like that,  this niche will possibly achieve mainstream adoption as the technology becomes more user-friendly.

There is also a high chance of continuous interoperability with unlimited potential.

Finally, as the metaverse age gets closer and closer, Web3 gaming will likely lead that revolution. The future of gaming looks good for and with Web3 gaming.